Nifty Point & Figure analysis

Downtrend approaching Oversold!!
Date: 6th September 2015

Nifty last closing price: 7655.05

Daily chart (Medium - Intermediate trend)

 

Figure 1 is 10 box P&F chart plotted with daily closing prices.  

 

·         Last Pattern: Double Bottom Sell (Bearish)

 

·         Last Column: Bearish

 

·         45 degree trend: Bearish

 

·         Active counts: 7480

·         Short exit level: 7740

 

1 Min Chart (Short term trend)

 

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. 7845- 7865 is resistance area.

 

Figure 3 is X-Percent P&F Breadth indicator of Nifty 50. It is at 16% indicate strong downtrend but oversold markets.

 

 

- Prashant Shah, CMT, CFTe

 

 

Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. The readers of this material should take their own professional advice before acting on this information.